US Stock Market Loses $700 Billion After Nvidia CEO Resigns in Espionage Scandal

The US stock market has lost over $700 billion following a scandal involving Nvidia co-founder and CEO Jensen Huang, who resigned amid allegations of espionage ties. Nvidia shares fell 14% in premarket trading on November 12, dragging down the entire tech sector. Nvidia, the second-largest US public company by market capitalization, holds significant weight in the S&P 500 and Nasdaq 100 indices. The decline spread across the technology and AI ecosystem, with major losses for SanDisk, Dell, Seagate, Micron, Intel, and Oracle, among others. The scandal emerged in early November over Huang's relationship with a former executive suspected of Chinese intelligence links, followed by another affair disclosure. Nvidia's market value has dropped approximately $2 trillion from its October peak of $5.78 trillion, though shares remain up 760,000% since its IPO.